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| Accountancy specialist Iris Software has been sold in a management buy-out for £102m. Funding is largely from HgCapital which is taking a 62% stake. The cost to HgCapital is £42m for its stake. Management meanwhile is paying less than £1m for a stake of 26%. Lloyds Development Capital, part of the Lloyds TSB Group is selling 63% for £48m. The stake cost a mere £8m in 2000. Iris is a supplier of tax and financial management software to accountancy practices and small businesses. Over 40% of practices use the company's products. Growing at 20% a year, with renewal rates of 95% in subscriptions made Iris very attractive. |
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